2005 LAND TAX
As from the 1st January 2005 Land Tax is payable on all property other than your principal place of residence or other exempt property.
2006 LAND TAX
As from the 1st January 2006 there is a $300,000.00 threshold applicable to liable land owners.
YOU MAY BE LIABLE FOR LAND TAX
Land that is used and occupied by the owner as the principal place of residence and for no other purpose is exempt from Land Tax regardless of its value.
Land that is used for primary production is also exempt.
Other than exempt land
2005 LAND TAX
Owners including deemed owners are liable for Land Tax where at midnight 31st December 2004 they owned in NSW any legal or equitable interest in land in NSW which when totalled with any other legal or equitable interest in land in NSW has a land value of $25,000 or more.
2005 LAND TAX RATES
Not more than $400,000 = 0.4¢ for each $1.00
$400,000 - $500,000 = $1600 plus 0.6¢ for each $1.00 by which the taxable value exceeds $400,000
More than $500,000 = $2,200 plus 1.4¢ for each $1.00 by which the taxable value exceeds $500,000
2006 LAND TAX
The Land Tax liability for 2006 is based on all liable land owned as at midnight on 31 December 2005.
For the 2006 Land Tax year a $300,000.00 threshold will apply to owners of liable land. There is no threshold for non-concessional companies and special trusts.
2006 LAND TAX RATES
1.7% (plus $100.00) on the unimproved value of the land in excess of $330,000.00.
No Land Tax will be payable if your Land Tax liability is less than $100.00.
YOU MAY REQUIRE PROVISION IN YOUR CONTRACT FOR AN ADJUSTMENT OF LAND TAX TO BE MADE
IF YOU THINK YOU MAY HAVE TO PAY LAND TAX DISCLOSE IT TO US
|
